NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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When is Debt Odious? A Theory of Repression and Growth Traps

Viral V. Acharya, Raghuram Rajan, Jack Shim

NBER Working Paper No. 27221
Issued in May 2020

---- Acknowledgments ----

We thank Yang Su for excellent research assistance. We are also grateful to Olivier Wang and seminar participants at the Department of Finance, NYU Stern School of Business for very helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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